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La-Z-Boy 626 Contra Costa Blvd 14,359 SF Retail Building Pleasant Hill, CA 94523 $7,325,000 ($510.13/SF) 6.25% Cap Rate
Investment Highlights
- Absolute NNN Sale-Leaseback: 14,359 SF asset secured by a corporate-guaranteed lease with 10% rental increases every five years and two 5-year options
- Brand Strength: La-Z-Boy (NYSE: LZB) is a legacy brand with nearly 100 years of operation and nationwide name recognition.
- High-Barrier Infill Market: Rare fee-simple retail opportunity in a dense, supply-constrained East Bay corridor with historically low vacancy.
- Nationally Ranked Performance: Exceptional store volume, currently ranked #6 out of 321 locations nationwide with 44,200 visits in the past 12 months,
- Resilient Asset Class: Internet-resistant tenancy; the “try-before-you-buy” nature of furniture ensures long-term utility of the physical showroom.
- Dominant Retail Synergy: Situated on “Furniture Row” near Sunvalley Mall and the Veranda; adjacent to Target, Best Buy, and Nordstrom Rack.
Executive Summary
Franchisee level corporate guaranty with a long-term La-Z-Boy operator that has 21 locations and growing in Northern California. The sale lease back proceeds will be used to fund further expansion.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
14,359 SF
Building Class
B
Year Built
1971
Price
$7,325,000
Price Per SF
$510.13
Cap Rate
6.25%
NOI
$457,800
Tenancy
Single
Building Height
1 Story
Building FAR
0.40
Lot Size
0.83 AC
Parking
97 Spaces (6.76 Spaces per 1,000 SF Leased)
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 153-270-006-7 | Improvements Assessment | $2,851,107 |
| Land Assessment | $1,794,765 | Total Assessment | $4,645,872 |
Property Taxes
Parcel Number
153-270-006-7
Land Assessment
$1,794,765
Improvements Assessment
$2,851,107
Total Assessment
$4,645,872
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La-Z-Boy | 626 Contra Costa Blvd
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